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Market Analysis- October 3
GBPUSD sellers regain control as bullish potential looms. As October began, the sellers in the GBP/USD market wasted no time in reasserting their dominance. At the close of September, buyers attempted to reverse the bearish trend, but their efforts fell short.
Last week, sellers had a golden opportunity to break through the critical 1.22690 support level, which they nearly achieved. However, before the week concluded, buyers made a comeback attempt. But they struggled to breach the resilient 1.22690 level.
GBPUSD Key Levels
Resistance Zones: 1.31400, 1.27510
Support Zones: 1.25390, 1.20060
GBPUSD Long-Term Trend: Bearish
The bearish trend has held its ground throughout the previous month. It was suggesting that sellers are likely to maintain their influence in October. However, for the bulls to regain their footing, they must muster extra strength and determination. Traders should remain vigilant, as pullbacks could still be on the horizon in the unfolding market dynamics.
Examining the daily chart, it is evident that the overall market sentiment is tilted toward the downside. An increase in the selling pace could trigger further bearish action in the GBPUSD price. The Relative Strength Index (RSI) corroborates this bearish sentiment, showing a decline in bearish strength. This decline may indicate that buyers are poised to counter the prevailing selling trend in the market soon.
GBPUSD Short-Term Trend: Bearish
On the 4-hour chart, the momentum remains in favor of the bears. With more sellers entering the market, the prospect of breaching the critical 1.20060 support level becomes more attainable. However, to sustain their momentum and fight against potential buyer opposition, sellers must demonstrate a strong hand in the coming sessions.
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